Live cattle closed Monday with contracts up $2.35 to $3.20 in fallout from friendly the USDA Cattle on Feed report. Cash action picked up on Friday, with some $183-184 live and $292 dressed action reported in the North, steady to down $1 from the previous week. Southern trade was steady, at $182. Feeders were up $3.17 to $4.97 across most contracts, with April $1.57 higher ahead of Thursday’s Expiration. The CME Feeder Cattle index was back up 38 cents on April 19 to $242.11.
USDA’s Cattle on Feed report showed 1.746 million head placed during March, down 12.35% from a year ago, and below the average trade guess of down 7%. March marketings were down 13.71% at 1.706 million head, vs. trade estimates to be 11.9% lower. April 1 on feed inventory was up 1.49% at 11.821 million head, below the trade’s expected 2.1% incline from last year.
